- $ 2,750,000
A client purchased the gas station and convenience store from Exxon Mobile in circa 1998. The site had a one (1)-story retail store that was used as a small convenience store for the facility. The fuel system consisted of six (6) fuel dispensing pumps and four (4) underground storage tanks (USTs), which provided gasoline and diesel fuel to power consumer vehicles.
Historical regulatory records indicated the site had soil and groundwater contamination from the petroleum discharge reported in 1998 by Exxon Mobile. The site was eligible for the State Petroleum Liability and Restoration Insurance Program (PLRIP) but had a low score, and therefore, the site was not under active remediation. The Client had expressed an interest in selling the property, and therefore, engaged GeoTech Environmental, Inc (GeoTech) to initiate site cleanup, closure assessment, site assessment and remediation activities at the site.
During our assessment, a prominent Bank had expressed an interest in purchasing the property conditional that GeoTech/Client provide a Site Rehabilitation Completion Order (SRCO) approving the No Further Action Proposal or a Natural Attenuation Monitoring Proposal for the contamination from the regulatory agency. The buyer would pursue the acquisition and closing and hold $200,000 towards the cleanup costs until the site had obtained an SRCO with conditions within 24 months. GeoTech completed the cleanup within 12 months at a cost of $156,000. Upon completion, the bank released the funds back to the client. GeoTech then pursued Exxon Mobile for reimbursement of the cleanup costs and received the payment in full.
With GeoTech’s ingenuity, tenacious persistence and at no additional expense to our client, GeoTech finalized the very involved disposition of the contaminated gas station. GeoTech procured full refund of the cleanup costs back to our client who is now enjoying a retired life in Ocala, Florida.
What does the client say about us...
Although the business was profitable, we were unable to free ourselves from the bondage of managing the gas station and saw no end in sight with the contamination issues, or dream of selling the property for profit until Neil Lakhlani stepped in. We chose Neil because he showed us a plan from the beginning on how he would clean the site in less than 24 months, structure a favorable contract and negotiate the deal with the largest corporate buyer (bank) and get us the maximum amount possible on this deal. Being a small business, he was always accessible, simplified complex real estate transactions using his commercial brokerage skills and utilized his inhouse environmental team of engineers/geologists with expertise in managing complex due diligence processes with the regulators. That’s why we chose GeoTech to engineer the sale of this property for us.